New Mexico Administrative Code
Title 3 - TAXATION
Chapter 2 - GROSS RECEIPTS TAXES
Part 227 - DEDUCTION - GROSS RECEIPTS TAX - REFUNDS - UNCOLLECTIBLE DEBTS
Section 3.2.227.8 - TRADING STAMPS
Universal Citation: 3 NM Admin Code 3.2.227.8
Current through Register Vol. 35, No. 18, September 24, 2024
A. Trading stamps are not allowances within the meaning of Section 7-9-67 NMSA 1978. Trading stamps represent promotional services and may not be deducted from gross receipts or governmental gross receipts pursuant to Section 7-9-67 NMSA 1978.
B. Example: B is in the business of selling groceries. When one of B's customers purchases groceries, B will give the customer trading stamps. B wishes to deduct the cost of the trading stamps, saying that they are an allowance. Trading stamps are not allowances, but represent promotional service. No deduction is allowed.
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